LinkedIn investors disappointed by the professional networking site s outlook have wiped away $10 billion of the company s market value.

Thursday, the Mountain View company reported fourth-quarter earnings that beat Wall Street s expectations. Revenue was up 34 percent from the year-ago period, and its loss was lower than expected. It also reported that its number of users rose 19 percent, to 414 million. But it was its weak first-quarter forecast that stood out, and shares plunged in after-hours trading and are falling even further today.

As Queenie Wong reported, the company s executives stressed that it is narrowing its initiatives, and also reported that one product born out of an acquisition, Lead Accelerator, didn t work out.

That wasn t what investors wanted to hear from a company that has lots of competition in the jobs and professional networking market. Many analysts are cutting their price targets for the stock.

In this market, there s no mercy for a miss, said James Cakmak, an analyst at Monness Crespi Hardt & Co., according to Bloomberg.

Still, some analysts are pointing out that LinkedIn typically gives conservative guidance.

We are hopeful that management erred on the side of conservatism, as it has done historically with its guidance, wrote Nomura analyst Anthony DiClemente in a note to clients, according to Forbes.

Forbes also points out that LinkedIn co-founder and Chairman Reid Hoffman, who owns 11 percent of the company, has seen his fortune reduced by more than $1 billion because of the selloff.

LinkedIn shares are down 40 percent to about $114 amid a broader stock market dip, in what looks like their worst one-day drop ever. The shares are at a three-year low.

President Recep Tayyip Erdogan said Tuesday that Turkey would boycott U.S.-made electronic products, escalating a feud with the Trump administration that has contributed to the rapid decline of the Turkish currency.

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